Soon You Will Be Able To Give All Your Money To The EU … or face the consequences

Easily concealed portable property (source Blogspot Commons)

I should have come as no surprise to learn the German government has approved plans to force creditors into propping up struggling banks across Europe.

Boggart Blog warned at the time of the Cyprus bail out bank snatch that Germany was behind the confiscation of ten percent of deposit balances from accounts held in Cyprus banks. We learned at the time from contacts in The City that Germany and the Euronazis of the Brussels Bureaucratiic Dictatorship saw the Cyprus exercise as a trial run for the time when, inevitably, the ridiculous single currency system dragged down the large, solvent economies of northern Europe to the economic basket case status of the PIIGS nations (I predict a cypRiot) and it became necessary to impose a similar levy or savings tax across the Eurozone.

That time is not here yet, not quite. but Germany has a reputation for forward planning so we can be sure they see a time when citizens of the Eurozone are required to compensate the German central bank for the money it spends propping up lazy and incompetent ruling elites in the Eurozone nations just like the citizens and residents of Cyprus were required to.

As WSJ reports, Germany’s cabinet Wednesday approved plans to force creditors into propping up struggling banks beginning in 2015, one year earlier than required under European-wide plans that set rules for failing financial institutions.

The new bail-in rules are part of a package of German legislation on the European banking union–an ambitious project to centralize bank supervision in the euro zone and, when banks fail, to organize their rescue or winding-up at a European level.

Germany “leads the way” in Europe by implementing European rules quickly and “creates instruments that allow the winding-down of big systemically relevant institutions without putting the financial stability at risk.”

What this means is that taxpayers (theoretically) will not be on the hook (though in reality we are sure the mutually assured destruction defense will be played – especially if Deutsche runs into problems) but as German authorities explain, “This ensures that in times of crisis mainly owners and creditors will contribute to solving the crisis, and not taxpayers.” As a gentle reminder – creditors includes depositors…

Unfortunately not everyone’s buying the no-taxpayer-impact concept (remember Cyprus?) We certainly aren’t. going to be a busy time converting cash into easily concealed portable property, preferably gold (hard, shiny gold, definitely not ‘gold funds’ or ‘gold derivatives’) as that looks like being the de facto reserve currency soon.

And those of you who were recently wailing and gnashing teeth about UKIP’s alleged racism, we’ll let the Eurorats know you are so keen on their totalitarian single European superstate agenda you want to donate 100% of your saving to the cause of global fascism.